Financials TCL Technology Group Corporation

Equities

000100

CNE000001GL8

Electronic Equipment & Parts

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-26 pm EDT			5-day change	1st Jan Change
4.46 ^CNY	+0.68%		-4.09%	+3.72%

May. 17	TCL Technology to Buy Back 1 Billion Yuan Bonds	MT
May. 10	Guangdong Homa Group Changes Name After Purchase of TCL Technology Unit	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	58,417	95,335	83,782	62,020	78,859	81,793	-	-
Enterprise Value (EV) ¹	108,522	190,950	175,082	178,425	216,816	193,861	188,089	201,711
P/E ratio	23.1 x	21.9 x	8.39 x	201 x	36.5 x	14.5 x	10.1 x	7.99 x
Yield	2.24%	1.69%	2.43%	-	1.86%	1.92%	3.21%	3.7%
Capitalization / Revenue	0.78 x	1.24 x	0.51 x	0.37 x	0.45 x	0.43 x	0.39 x	0.37 x
EV / Revenue	1.45 x	2.49 x	1.07 x	1.07 x	1.24 x	1.03 x	0.91 x	0.9 x
EV / EBITDA	8.86 x	12 x	4.99 x	7.83 x	7.17 x	5.5 x	4.44 x	3.97 x
EV / FCF	-12.7 x	-11.7 x	86.5 x	-	-52.6 x	-149 x	20 x	-
FCF Yield	-7.86%	-8.58%	1.16%	-	-1.9%	-0.67%	5.01%	-
Price to Book	2.01 x	2.93 x	2.02 x	1.25 x	1.53 x	1.47 x	1.33 x	1.16 x
Nbr of stocks (in thousands)	14,375,657	14,812,000	14,936,807	18,339,325	18,339,325	18,339,325	-	-
Reference price ²	4.064	6.436	5.609	3.382	4.300	4.460	4.460	4.460
Announcement Date	3/30/20	3/10/21	3/10/22	3/30/23	4/30/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	74,933	76,677	163,541	166,553	174,367	188,595	207,330	223,855
EBITDA ¹	12,249	15,905	35,055	22,796	30,247	35,264	42,362	50,785
EBIT ¹	3,977	5,360	17,353	419	5,184	8,280	12,670	18,251
Operating Margin	5.31%	6.99%	10.61%	0.25%	2.97%	4.39%	6.11%	8.15%
Earnings before Tax (EBT) ¹	4,056	5,735	17,564	1,057	5,052	7,106	12,088	17,963
Net income ¹	2,618	4,388	10,057	261.3	2,215	5,596	7,998	10,497
Net margin	3.49%	5.72%	6.15%	0.16%	1.27%	2.97%	3.86%	4.69%
EPS ²	0.1759	0.2933	0.6686	0.0168	0.1179	0.3073	0.4422	0.5581
Free Cash Flow ¹	-8,533	-16,379	2,023	-	-4,119	-1,301	9,414	-
FCF margin	-11.39%	-21.36%	1.24%	-	-2.36%	-0.69%	4.54%	-
FCF Conversion (EBITDA)	-	-	5.77%	-	-	-	22.22%	-
FCF Conversion (Net income)	-	-	20.12%	-	-	-	117.7%	-
Dividend per Share ²	0.0909	0.1091	0.1364	-	0.0800	0.0856	0.1431	0.1649
Announcement Date	3/30/20	3/10/21	3/10/22	3/30/23	4/30/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	29,333	47,344	42,612	40,567	43,955	41,993	40,038	82,031	39,443	45,705	47,960	41,258	89,218	39,908	45,835	48,631	47,990	42,557	45,564
EBITDA ¹	-	-	3,281	6,404	4,216	5,418	-	-	-	-	-	-	-	-	8,141	9,091	8,258	9,178	-
EBIT ¹	-	4,599	2,329	1,863	-568.9	-197.2	-678	-	43.62	2,270	3,859	-988.7	2,870	-465.5	2,358	3,148	2,351	1,519	1,877
Operating Margin	-	9.71%	5.47%	4.59%	-1.29%	-0.47%	-1.69%	-	0.11%	4.97%	8.05%	-2.4%	3.22%	-1.17%	5.14%	6.47%	4.9%	3.57%	4.12%
Earnings before Tax (EBT) ¹	-	4,502	-	-	-	-	-	-	50.51	2,240	3,785	-1,024	2,761	-466.3	1,653	2,577	2,280	1,228	1,515
Net income ¹	1,208	3,180	955.5	1,353	-689	-382.9	-19.35	-	-549	889.5	1,271	603.5	1,874	240	1,387	1,923	1,277	987.2	1,040
Net margin	4.12%	6.72%	2.24%	3.33%	-1.57%	-0.91%	-0.05%	-	-1.39%	1.95%	2.65%	1.46%	2.1%	0.6%	3.03%	3.95%	2.66%	2.32%	2.28%
EPS ²	-	0.2091	0.0818	0.0903	-0.0454	-0.0273	-0.000730	-	-0.0296	0.0477	0.0700	0.0300	0.1000	0.0128	0.0824	0.1219	0.0833	0.0526	0.0554
Dividend per Share ²	-	-	0.1364	-	-	-	-	-	-	-	-	-	-	-	-	-	0.0632	-	-
Announcement Date	8/28/20	3/10/21	3/10/22	4/27/22	8/26/22	10/21/22	3/30/23	3/30/23	4/27/23	8/29/23	10/27/23	4/30/24	4/30/24	4/30/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	50,105	95,615	91,300	116,405	137,957	112,068	106,296	119,918
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.091 x	6.012 x	2.604 x	5.106 x	4.561 x	3.178 x	2.509 x	2.361 x
Free Cash Flow ¹	-8,533	-16,379	2,023	-	-4,119	-1,301	9,414	-
ROE (net income / shareholders' equity)	9.09%	13.8%	26.5%	0.52%	4.27%	9.47%	12.4%	14%
ROA (Net income/ Total Assets)	1.46%	2.08%	3.55%	-	-	1.11%	2.02%	2.87%
Assets ¹	178,809	211,376	283,676	-	-	506,380	395,949	366,373
Book Value Per Share ²	2.020	2.200	2.770	2.700	2.820	3.040	3.350	3.850
Cash Flow per Share ²	0.7700	1.080	2.130	-	1.350	2.220	2.470	3.210
Capex ¹	20,023	33,077	30,666	40,677	29,434	22,906	28,948	26,720
Capex / Sales	26.72%	43.14%	18.75%	24.42%	16.88%	12.15%	13.96%	11.94%
Announcement Date	3/30/20	3/10/21	3/10/22	3/30/23	4/30/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TCL Technology Group Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.46 CNY

Average target price

5.083 CNY

Spread / Average Target

+13.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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